Putin Says Russia Ready To Join Measures To Limit Oil Production

Fakhir Rizvi Published October 10, 2016 | 05:55 PM

Putin says Russia ready to join measures to limit oil production

ISTANBUL, , (APP - UrduPoint / Pakistan Point News - 10th Oct, 2016 ) - President Vladimir Putin on Monday said that non-OPEC member Russia was ready to join measures to limit oil production, saying that this was the only way to balance the market after a prolonged period of low prices.

"In the current situation, we believe a freeze or a cutting of the production of oil is the only way preserve the stability of the energy sector and accelerate a rebalancing of the market," he said at the World Energy Congress in Istanbul.

"Russia is prepared to join joint measures limiting production," he added, expressing hope this would lead to a concrete agreement at a November OPEC meeting.

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